BIG Update on the New Thai Tax Law
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Published 2024-06-29
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0:00 New Thai Tax Law Update
1:10 What's the Update?
5:05 Why is Thailand Doing This?
8:30 Will Your Pension Be Taxed?
10:10 Will Your Investment Income Be Taxed?
12:11 What if you Sell Your House?
15:14 Remote Workers and Nomads
18:20 The Good News
20:50 How Can You Plan?
23:44 What Happens
All Comments (21)
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Lots of talk about individual situations, but let's stop to give some props to this lawyer. This guy knows his shit. Refreshing to hear someone so competent.
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As Thai, I disapprove this tax laws. The government should encourage wealthy and well-behaved foreigners to move to Thailand for work, business, semi/full-retirement, tourism, etc. We Thai have been subjected to contribute more taxes to the new land and property tax and it has been tripled for a few years. I used to pay 40k and I paid 140k this year. The government has no ability to earn revenue smartly and efficiently.
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I would prefer to stay less than 180 days to avoid all these nicely set tax questions!!.
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Clear as mud. What a hot mess.
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This is the most informative video I have seen (all subjects, not just taxes) I have seen this entire year. Thanks for doing this. For 2024, I will spend less than 180 days here.
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I spoke to a well know tax expert, he said the opposite, that they will approve the worldwide taxation staring 1st January 2025, not pursue the remittance rule. Frankly, this time i had enough, even professionals are confused, it's so unclear, nobody can be certain. If you talk to 3 experts, they will probably tell you 3 different things.
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Politicians consistently enact impractical regulations. Eventually, they may come to realize that numerous expatriates could relocate to Vietnam, Cambodia, Malaysia, and similar destinations.
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Thanks for the video Chris. Luca seems to be on top of the new interpretations / rules. It seems you will be able to “drive a truck” through these new rules if you plan ahead and take necessary action. Also, as an accountant, I can’t see how the Thai tax authorities will be able to efficiently and consistently implement these new rules. So, my initial conclusion is … those with a lot of assets will never pay any taxes in Thailand and those who do not may get trapped into paying some amount of Thailand taxes. This is Painful, as expats receive virtually no benefits from Thailand other than the privilege to reside here for as long as their visa is valid. Expect a reduction in future expats to Thailand and a reduction in time spent in Thailand for existing expats. What a cluster f&@k!!
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Having to file tax returns in Thailand is very worrisome
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The attorney and his responses were extremely impressive. Thanks!
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Greetings Chris, Thanks for the informative update. It seems to me that a country like Thailand that’s so dependent on tourism would construct their governmental policies to accommodate or promote expat residency and other various forms of liquidity influx into Thailand without so much bureaucracy related to taxation. There goes my plans to relocate to Thailand. Instead, I will redirect my life savings and - pensions elsewhere. Continue to enjoy life in Thailand Chris and I look forward to making good use of Thailand’s 180 day policy in the future. Thanks for sharing.
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I am a US citizen and only receive / only repatriate funds from a US Government pension - into Thailand. I consulted a Thai Tax Attorney and was told that there is NO REQUIREMENT for me to file a tax return ( or get a THAI TAX IDENTIFICATION NUMBER )- because I was telling them that all of the funds that I will be moving into Thailand are 100% exempt from taxation in Thailand ( based on the DTA between the USA and Thailand ) He did tell me that ( in the VERY UNLIKELY case that I would ever be audited - I should be able to prove that the funds that I had repatriated were based on my US Government pension ). Thank God for DTAs.
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Hey, it's too hot and/or rainy in Thailand for 6 months per year anyway. (Or too smokey). So I will simply stay in Thailand for less than 6 months, enjoy summers in Canada, and also avoid the whole tax headache...
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Honestly this seems like Thailand will lose more money than it can gain by retirees moving elsewhere.
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I personally know someone who's lived in Thailand for almost 10 years, makes his income from the US, pays tax on his US income, has MULTIPLE Thai bank accounts which he funds through transfers all the time....and he's NEVER filed a single Thai tax return. Obviously he's breaking about 100 laws at once, but the fact he continues to live his life without a care in the world tells me that the Thai authorities are largely incompetent, otherwise they'd have nailed his butt years ago. My take is: just don't spend more than 180 days. This is a pain as it means you can't live there year round. And makes getting a lease on a property even harder, but by ensuring you're never over that threshold the authorities have nothing on you. Or, stay as long as you want, sign that lease, buy the new air fryer and get settled in as if you live there...but don't transfer any major funds into your Thai bank account. Rely on ATM withdrawals and card payments only, and hope nobody comes asking. At worse, you book a flight and leave (one of the many benefits in renting over buying). One thing's for sure: this is going to result in less foreigners settling in Thailand, which means less money yielded from them, which ultimately means the Thai gov's plans backfired spectacularly.
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Hi Chris, and everyone…. I’m an LTR Visa holder. After watching this vid I reached out to BOI for clarification. The LTR Visa Unit replied: “Greeting from LTR Visa Unit. There is no official announcement from the Revenue Department regarding changes to the tax rules for LTR Visa benefits. Please do not trust rumors or unconfirmed news from sources such as the Bangkok Post.” Not that things can’t go sideways, but the LTR visa was promoted with a number of benefits, one being NO TAX ON GLOBAL INCOME, and a Personal Tax flat rate of 15% on taxable income earned IN Thailand. Let’s see where this goes…
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This was a fantastic segment. Thank you and please keep updating these.
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I imagine Cambodia and Vietnam will be the big winners here
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Good thing they are being honest now, many portfolios could take a significant hit if not properly diversified
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Nice job Chris. Best video I've seen so far on this topic. Torontonian here still contemplating retiree abroad, just working out how to go about it. Your vids are the most helpful.